Oracle NetSuite is Adding AI

Get ready, Oracle NetSuite is introducing a range of new generative AI technology features costing nothing extra to existing customers! Evan Goldberg, founder and EVP of Oracle Netsuite, reports that the updated features will allow customers to “utilize AI technology in NetSuite for any type of text they are producing, tailored to their specific needs.” Features will include generative AI to help with operations, supply chain sales, and finances using assisted authoring. 

As for why Netsuite will not be charging these features, Goldberg stated the future of business already has AI technology everywhere and to operate a business system without AI would be “impractical as driving a car without wheels.” Goldberg further expressed that their team is dedicated to only offering the best of the best. And for what we already know about NetSuite, that sounds pretty standard – wouldn’t you say?

Why it Matters

Unlike competitors who charge extra for AI driven solutions, Oracle Netsuite is incorporating these features as a standard offering. With this standpoint, NetSuite positions themselves as a realistic AI provider focused on providing customer needs rather than flashy features. 

How it Works

One AI-powered Oracle NetSuite noble feature is called “assisted authoring” – this approach simplifies tasks such as summarizing financial data, draft job descriptions, and preparing merchant engagement letters or emails, thereby boosting efficiency and productivity. NetSuite is also focused on optimizing AI for smaller businesses, like an analytic warehouse. This allows the system to analyze data across many internal data systems without having to worry about data sharing concerns.

AI Technology in NetSuite

In the broader context, NetSuite is one out of two Oracle’s programs specifically designed for managing organizational operations. Competitors like Salesforce and Microsoft started incorporating AI-driven business solutions into their CRM software in March 2023. On the other hand, businesses such as Box, have added generative AI tools into their offerings without additional charges. 

However, some of Oracle’s main competitors have incorporated a “consumption-based model” for AI technology — inflicting premiums up to 30%. Goldberg argues against charging for a premium like AI, since AI is basically all around us in the business world. 

Goldberg clarified that Oracle’s focus isn’t on developing AI models, but rather strengthening traditional AI methods such as predictive analytics. Furthermore, Oracle has been test running AI technology in NetSuite since October 2023, fine tuning them and researching how customers used them, for this very moment.  

What’s Next?

Goldberg is all about progressing. For NetSuite right now, the plan is to find new ways to help leverage customer data. One way to do that is by potentially suggesting personalized dashboard metrics based on users' current activity. He also anticipated different types of AI integrations, including combining technologies like retrieval-augmented generation to deliver citations for a chatbot's answer to using large language models (LLMs) to showcase predictive analytics. 

All in all, Goldberg’s views AI technology into NetSuite and all business processes as transformative. With only being one year into this revolution, one thing is clear – there are substantial advancements to come.

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